- Euro area manufacturers continue to struggle against the headwinds of supply shortages, elevated inflationary pressures, and weakening demand amid rising uncertainty about the economic outlook.
- Spending power has hence been hit hard, and often consumers, in particular, have shown an eagerness to move spending from goods to services, taking advantage of looser pandemic travel restrictions.
- Weaker supply chain pressures took some pricing power away from suppliers.
For further details see:
Weak Eurozone PMI Readings Signal Second Quarter Manufacturing Downturn